The inventory method where the ending inventory consists of oldest costs is:

Name: The inventory method where the ending inventory consists of oldest costs is:
Brand: Quizplus
Rating: 4.8 (46 reviews)

Question

Quizplus · Accepted Answer

LIFO (Last-In, First-Out) assumes that the most recent inventory purchased is sold first, so the ending inventory consists of the oldest costs. This method is suitable for companies that want to minimize their taxable income, as it matches their high costs of goods sold with more recent, higher prices.

The Inventory Method Where the Ending Inventory Consists of Oldest